The term conveyancing may also be used in the
context of the movement of bulk commodities or other products such
as water, sewerage, electricity, or gas.

A typical conveyancing transaction contains two major landmarks:
the exchange of contracts (whereby equitable title passes)
and completion (whereby legal title passes). Conveyancing occurs in
three stages: before contract, before completion and after
completion.

A buyer of real property must ensure that he or she obtains a
good and marketable 'title' to the land; i.e., that the
seller is the owner, has the right to sell the property, and there
is no factor which would impede a mortgage or re-sale.

A system of conveyancing is usually designed to ensure that the
buyer secures title to the land together with all the rights that
run with the land, and is notified of any restrictions in advance
of purchase. In most mature jurisdictions, conveyancing is
facilitated by a system of land registration which is designed
to encourage reliance on public records and assure purchasers of
land that they are taking good title.[2]

Contents

United
Kingdom

In England and Wales, this is usually
done by a solicitor or a
licensed conveyancer. Either may
employ or supervise an unqualified conveyancer. The domestic conveyancing
market is price competitive, with a high number of firms of
solicitors and conveyancing companies offering a similar service.
It is possible for someone to carry out their own conveyancing.

Under English and Welsh
law agreements are not legally binding until contracts are
exchanged. This affords both the advantage of freedom before
contract, but also the disadvantage of wasted time and expense in
the event the deal is not done.

The normal practice is for the buyer to negotiate an agreed
price with the seller then organise a survey and have the solicitor
(or conveyancer) carry out their searches and pre-contract
enquiries. The seller's solicitor or conveyancer will prepare the
draft contract to be approved by the buyer's solicitor. The
seller's solicitor will also collect and prepare property
information to be provided to the buyer's solicitors, in line with
the Law Society's National Protocol for
domestic conveyancing.

It takes on average 10–12 weeks to complete a conveyancing
transaction, but some transactions are quicker, many take longer.
The timescale is determined by a host of factors - legal, personal,
social and financial. During this period prior to exchange of
contracts (exchange being the point at which the transaction
becomes legally-binding) either party can pull out of the
transaction at any time and for any reason, with no legal
obligation to the other. This gives rise to a risk of gazumping and
its converse, gazundering.

The position in Scotland under Scots law is that the contract is generally
concluded at a much earlier stage, and the initial offer, once
accepted by the seller, is legally binding. This results in a
system of conveyancing where buyers get their survey done before
making a bid through their solicitor to the seller's solicitor. If
there is competing interest for a property, sellers will normally
set a closing date for the initial offers. The contract is normally
formed by letters between the solicitors on behalf of each of the
seller and purchaser, called missives. Once all the terms of the
contract are agreed, the missives are said to be concluded, and
there is then a binding contract for the sale of the property.
Normally the contract is conditional upon matters such as the
sellers being able, before completion of the transaction, to prove
that they have good title to the property and to exhibit clear
searches from the property registers and the local authority. The
fact that there is a binding contract at a relatively early stage,
compared with the normal practice in England and Wales, makes the problem
of gazumping a rarity. The disadvantage for the buyer is that they
usually have to bear the cost of the survey for unsuccessful bids,
though trials have been made of a system where the seller arranges
for one survey available to all bidders. From 1 December 2008
properties for sale will have to be marketed with information, now
branded as the ‘Home Information Report’. This should be comprised
of: a Single Survey, an Energy Report and a Property Questionnaire
local authority searches and evidence of legal title.. The Home
Report will be made available on request to prospective buyers of
the home. The date of final settlement is in Scotland known as the
"date of entry".

Australia

In Australia much of the land which was first colonised by
England is still Common Law (also known as Old System). However
since the introduction of Torrens title in 1858 most land is now
under the new system of conveyance.

Conveyancing in Australia is usually completed by a solicitor or a licensed
conveyancer. There are also kits available if the buyer wishes
to complete the process themselves, but due to the complexity of
varying state and council laws and processes, this is usually not
recommended.

A common conveyance by a solicitor or licensed conveyancer usually takes
4–6 weeks. Most firms offer fixed price services (around $1000)
which usually includes costs of searches, legal advice and
other outlays. Be aware that fixed price services may not include
all searches required to complete the conveyance of a property. It
is always best to get a firm quote before you engage the services
of a solicitor.

In most states and territories a typical conveyance includes,
but is not bound or limited to, the following:

Searches tend to take up the bulk of the conveyance. Due to the
three level system of government in the country (federal, state and
local), it must be made sure that all rights and title are properly
awarded to the seller. Most information is retrieved from state or
local (council) authorities.

Requirements, searches and costs can vary from state to state,
depending on local property legislation and safeguards.

United
States

The conveyancing process in the United States varies from state
to state depending on local legal requirements and historical
practice. In most situations, three attorneys will be involved in
the process: one each to represent the buyer, seller, and mortgage
holder; frequently all three will sit around a table with the buyer
and seller and literally "pass papers" to effect the transaction.
(Some states do not require all parties to be present
simultaneously.) In order to protect themselves from defects in the
title, buyers will frequently purchase title insurance at
this time, either for themselves or for their lender.

In most states, a prospective buyer's offer to purchase is made
in the form of a written contract and bound with a deposit on the
purchase price. The offer will set out conditions (such as
appraisal, title clearance, inspection, occupancy, and
financing) under which the buyer may withdraw the offer without
forfeiting the deposit. Once the conditions have been met (or
waived), the buyer has "equitable title"
and conveyancing proceeds or may be compelled by court order. There may
be other last-minute conditions to closing, such as "broom clean"
premises, evictions, and repairs.

Typical papers at a conveyancing include: deed(s), certified
checks, promissory note, mortgage, certificate of liens,
pro rata property taxes, title insurance binder, and fire
insurance binder. There may also be side agreements (e.g., holdover
tenants, delivery contracts, payment holdback for unacceptable repairs),
seller's right of first refusal for resale, declaration of trust,
or other entity formation or consolidation (incorporation, limited
partnership investors, etc). Where "time is of the essence," there
have been cases where the entire deposit is forfeited (as liquidated
damages) if the conveyancing is delayed beyond the time limits
of the buyer's contingencies, even if the purchase is
completed.

Words used to indicate conveyance, or words of
conveyance include grant, devise, give, and sell.